What Fang Hong wants more is to let those investors who evaluate the listed companies of the galaxy knock out the heads of investors who take the North American capital market to benchmark the participants.

You think that the 50 times P/E ratio of this listed company is already very high, the bubble is already very large, and the valuation of the benchmark U.S. stock market should be 20 times P/E, so you think that it will fall sharply soon, and quickly withdraw.

So you cash out and withdraw, patiently wait for it to kill the valuation, wait for the mean reversion and copy it in.

This is that a year has passed, you are not panicking, you are very patient, so the second year has passed, the valuation is still high at 50 times the price-earnings ratio, you are still calm, choose to continue to wait, and then the third year has passed, at this time you are surprised, why haven't you killed it?

Three years later, three years later, you finally began to gradually doubt your life, and then look at the latest price of this investment department, it is already the position of your original selling point has doubled or quadrupled the starting point, and the original selling point has been extended to see the cycle, as if it is a buying point.

After waiting for so many years, not only did the valuation not come down, but the growth of the value part in the past few years has filled the bubble, and then the price-earnings ratio is still more than 50 times, and even the price-earnings ratio is 60.

With the facts in front of you, you have to admit that the previous strategy of evaluating the benchmark US stock reference was a serious misjudgment, and you lost a big bull stock and seriously sold it.

So, who can't get along with money?

When the time period is extended, when the money-making effect is there, investors will naturally no longer anchor the North American capital market for benchmarking, at least the core assets of the galaxy will definitely not do so.

In a listed company, investors want to make money, there are only two ways: one is to earn value, that is, dividends or something; One is the part of earning valuation, which is a bubble or something. The former represents the actual performance profit of the company itself, and the latter represents the expectation of the future of the company and reflects the rise in stock prices.

Fang Hong is to start in terms of valuation, valuation is essentially a matter of betting on whether you believe it or not, give a 50 times P/E ratio, I believe that it can go up, and Fang Hong wants investors to have to believe.

Those who believe can get rich, and those who don't believe can only see others get rich.

……

In the next few days, the trend of the A-share market entered a consolidation phase, and the broad market index stood at the 2,900-point mark and then could not rush, mainly to the rebound high pressure level in December last year.

On Friday, February 18, Weibo's share price fell -4.53%, and the stock price closed at 183.67 yuan, with a full-day trading volume of 5.782 billion yuan.

As soon as the weekend and weekend passed, on Monday, February 21, Weibo opened low and went high, rising +6.43% on the same day, the stock price rose to 195.48 yuan, the total market value stood on the 100 billion mark, and the trading volume of the whole day was 9.593 billion yuan.

The total trading volume of the main board of the Shenzhen Stock Exchange on the same day was 118 billion, and Weibo accounted for 8.13% of the listed companies.

Shareholders in other sectors are also complaining that Weibo's amount is excessive, this siphon effect is simply a gold-swallowing beast, with a trading volume of 9.5 billion, which can make more than one industry sector set off a rising tide, but it has pulled more than 6 points here on Weibo.

Many retail investors who did not participate in Weibo shouted "Weibo must die, whales fall and all things live", and then the next day, on Tuesday, February 22, the three major indexes of the A-share market fell sharply, and the Shanghai Composite Index fell -2.62% on the same day, falling below the 2900-point mark and closing at 2855.52 points.

The shareholders who shouted that Weibo must die yesterday at least got their wish today, because Weibo plummeted -8.21% today, and the stock price fell back to the price of 179.42 yuan, and the volume of energy has decreased, reaching a daily turnover of 8.695 billion.

The whale fell, but everything was still dead because it was crushed to death by the whale fall.

Today's market plunge is related to Qunxing Capital, which is now at the stage of annual report disclosure, and many A-share listed companies have begun to release the latest quarterly institutional holdings.

Investors found that the shares held by Qunxing Capital in the second quarter of last year were ...... in the fourth quarter Gone!

The stars are running again!

The market began to spread that Qunxing Capital ran away at 3,100 points in mid-November last year.

This news suddenly spread widely today, and the big A was directly scared to pee, and the shareholders who realized it were so frightened by the news that they fled in panic, coupled with other negatives, the panic of the day, and the large market index could not be delayed.

Most of today's shareholders like to see if there is an inside story and whether there is any gossip.

The main thing that kills is the heavyweight stocks, because Qunxing Capital mainly holds heavyweight stocks, and such a large amount of capital can only engage in large-cap stocks, and only large-cap stocks have good liquidity and are easy to withdraw.

After the close of the day, almost in the blink of an eye, there was a lot of bearish voices in the market.

At the end of November 2008, when the market hit more than 1,600 points, Qunxing Capital resolutely made a big move, and then retreated perfectly at more than 3,300 points, and there were even rumors that it accurately escaped at 3,470 points.

But whether it is 3300 points or 3470 points to retreat, Qunxing Capital has undoubtedly earned a lot of votes.

Then it successfully copied the bottom of more than 2,300 points at the turn of the first half of last year, and then ushered in a strong rebound in the second half of the year, and the market rushed directly to 3,186 points.

At this time, the position of Qunxing Capital in the fourth quarter disappeared, which obviously shows that this large institution is not optimistic about the market outlook, and it has already run last year, and it is even very likely to run around 3186 points, and once again accurately escaped the top.

It is obviously impossible to say that it is impossible not to panic when an institution like Qunxing Capital, which has a strong record and is labeled as "smart money" by shareholders.

However, after the market fell sharply due to the running away of Qunxing Capital, it did not fall further, but ushered in a continuous rebound.

In terms of individual stocks, the funds involved in Weibo have been going around in circles, and I think that Weibo is still very reliable.

This stock is very good, and it is much stronger than the market when it rebounds, and the Weibo backhand, which fell more than 8 percentage points, walked out of the high pressure before the breakthrough of the four consecutive yangs, and rose +0.42%, +1.56%, 1.51% and +7.07% respectively in the next four trading days, and the closing price was locked at the price of 198.86 yuan, and the daily transaction scale also broke through the 10 billion mark again.

On the fifth day, Weibo closed again and walked out of Wulianyang, with a shrinkage of +1.65% on the same day, and the stock price stood at the 200 yuan level and closed at 202.15 yuan.

Shareholders looked back at the trend of Weibo, after the change of the upward has unconsciously reached a cumulative increase of +47.03%, if it is from the original 106.07 yuan of the board to kill, the cumulative increase has reached 92.09%, nearly doubled.

Although the recent rise is not as crazy as the market after the National Day in October last year, the upward trend is also handful among the heavyweight stocks.

As a 100 billion large-cap stock, it has risen by more than 47 percentage points in just 20 trading days, which is already quite strong.

……

(End of chapter)